S. 4887

Referred to Committee

End Polluter Welfare Act of 2020

Introduced 11/10/2020•116th Congress•Senate

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Read twice and referred to the Committee on Finance.

11/10/2020 • Senate

Summary

End Polluter Welfare Act of 2020

This bill limits or eliminates certain fossil fuel subsidies for oil, coal, and natural gas companies, including by

eliminating the authority of the Department of Energy to carry out the Fossil Energy Research and Development Program;
expanding the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), any liquid fuel derived from coal, and any oil derived from kerogen-bearing sources (oil shale);
limiting the financial assistance that such companies may receive from programs that provide relief to businesses affected by the COVID-19 pandemic;
terminating certain tax incentives relating to fossil fuels, including the percentage depletion allowance and capital gains treatment for royalties from coal; and
increasing the Oil Spill Liability Trust Fund financing rate.

Introduced in Senate • 11/10/2020

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Topics & Subjects

Policy Area: Energy

Accounting and auditingAdministrative law and regulatory proceduresAdvanced technology and technological innovationsAgricultural prices, subsidies, creditAir qualityAlternative and renewable resourcesBanking and financial institutions regulationBusiness expensesBusiness investment and capitalCapital gains taxCardiovascular and respiratory healthClimate change and greenhouse gasesCoalCompetitiveness, trade promotion, trade deficitsCongressional oversightCorporate finance and managementCredit and credit marketsDepartment of EnergyDepartment of the Interior